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Peapack-Gladstone Bank Mortgage Rates

Effective 9.18.23

 

Fixed-Rate Mortgages1 | Conforming and High Balance Loan Amounts

Program

Rate 

Points

Annual Percentage Rate

# of Months

Rate

Amount

Monthly Payment Per $1,000

Max. Loan2

Rate Lock Days
30 Year Fixed-Conforming**** 7.500% 0 7.690% 360 7.500% $2,097.64 $6.99 $726,200 45
15 Year Fixed-Conforming 6.875% 0 7.165% 180 6.875% $2,675.56 $8.92 $726,200 45

Affordable Housing Loan Programs3

Program

Rate 

Points

Annual Percentage Rate

# of Months

Rate

Amount

Monthly Payment Per $1,000

Max. Loan2

Rate Lock Days
30 Year Fixed-Affordable Housing 8.000% 0 8.201% 360 8.000% $2,201.29 $7.34 $500,000 60
30 Year Fixed-Affordable Housing*** 8.250% 0 8.456% 360 8.250% $2,253.80 $7.51 $500,000 60

Adjustable-Rate Mortgages1,4,5

Program

Rate 

Points

Annual Percentage Rate

# of Months

Rate

Amount

Monthly Payment Per $1,000

Max. Loan2

Rate Lock Days
5/6 mo SOFR ARM****
CAPS: 2/2/5
 8.000% 0 8.201%
60
299
1
8.000%
8.000%
8.000%
$2,201.29
$2,201.29
$2,201.29
$7.34
$7.34
$7.34
 $1,250,000 60
7/6 mo SOFR ARM****
CAPS: 5/2/5
 8.250% 0 8.343%
84
275
1
8.250%
8.000%
8.000%
$2,253.80
$2,208.58
$2,253.80
$7.51
$7.36
$7.51
 $1,250,000 60
10/6 mo SOFR ARM****
CAPS: 5/2/5
 8.500% 0 8.561%
120
239
1
8.500%
8.000%
8.000%
$2,306.74
$2,223.32
$2,224.67
$7.69
$7.41
$7.42
 $1,250,000 60
Payments do not include amounts for taxes and insurance. Actual payment obligation will be greater.
 
30-Day Average SOFR | 5.31%
Margin | 2.75%
Rates quoted are the lowest rates for qualified applicants, are subject to change without notice and are subject to credit approval. Other rates and terms are available and may apply based on our underwriting guidelines. Underwriting guidelines include, but are not limited to, loan amount, credit history and the actual appraised value of the property. Mortgage loans in excess of an 80% Loan-to-Value (LTV) require Private Mortgage Insurance (PMI). Payment schedules are based on a loan amount of $300,000. FHA payment schedules are based on a loan amount of $305,250 and includes the Upfront Mortgage Insurance Premium.

1Please call for rate quotes for loan amounts over the maximum loan amounts listed.

2Maximum LTV without mortgage insurance is 80% for loan amounts up to $1,500,000. Call for maximum loan amounts for LTV over 80%. Payment schedules are based on a loan amount of $650,000.
 
3Please call for rate quotes and maximum income limit per county.
***30 Year Fixed Rate -Affordable Housing product will be offered at 8.250% with a $2,500.00 closing cost credit.

****Loans held in Bank's portfolio: For Investment Properties, .375% added to interest rate and an additional .50% added to each investment property loan. 

4The APR for the Adjustable Rate Mortgages (ARMs) are based on a 30-year term with ARM caps: for the 3/6 mo ARM: 2% max 1st adjustment, 2% per subsequent adjustment & 6% lifetime; for the 5/6 mo ARM: 2% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime; for the 7/6 mo ARM: 5% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime; 10/6 mo ARM: 5% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime. After the initial period, rates and payments are based on the current index plus a margin. APR may increase after closing.

5Requires payments auto-debited from a Peapack-Gladstone Bank account.

BANK FEES




Application $500.00 Flood Certification and Life of Loan $15.00 Credit Report - Joint $76.00
Appraisal $525 to $800 Attorney Review $250.00 Credit Report - Individual $38.00
Tax Service $116.00



Contact Us for more information.